#aacth ,,congress  #ast ,session  ,h4   
,r4 #ajch  ,,an ,,act  ,to provide equal
 treatment for utility special entities 
using utility operations-related swaps1 
and for other purposes4  #a4 ,short     
title ,this ,act may be cited as the    
,public ,power ,risk ,management ,act of
 #bjac4  #b4 ,transactions with utility 
special entities ,section #a;a7#di7 of  
the ,commodity ,exchange ,act 7#g       
,u4,s4,c4 #a;a7#di77 is amended by      
adding at the end the following3  7,e7  
,certain transactions with a utility    
special entity  7i7 ,transactions in    
utility operations-related swaps shall  
be reported pursuant to section #dr4    
7ii7 ,in making a determination to      
exempt pursuant to subparagraph 7,d71   
the ,commission shall treat a utility   
operations-related swap entered into    
with a utility special entity1 as       
defined in section #ds7h77#b77;,d71 as  
if it were entered into with an entity  
that is not a special entity1 as defined
 in section #ds7h77#b77;,c74  4  #c4    

,utility special entity defined ,section
 #ds7h77#b7 of the ,commodity ,exchange 
,act 7#g ,u4,s4,c4 #fs7h77#b77 is       
amended by adding at the end the        
following3  7,d7 ,utility special entity
 ,for purposes of this ,act1 the term   
utility special entity means a special  
entity1 or any instrumentality1         
department1 or corporation of or        
established by a ,state or political    
subdivision of a ,state1 that--  7i7    
owns or operates an electric or natural 
gas facility or an electric or natural  
gas operation2  7ii7 supplies natural   
gas and or electric energy to another   
utility special entity2  7iii7 has      
public service obligations under        
,federal1 ,state1 or local law or       
regulation to deliver electric energy or
 natural gas service to customers2 or   
7iv7 is a ,federal power marketing      
agency1 as defined in section #c of the 
,federal ,power ,act4  4  #d4 ,utility  
operations-related swap  7a7 ,swap      
further defined ,section                

#a;a7#dg77;,a77iii7 of the ,commodity   
,exchange ,act 7#g ,u4,s4,c4            
#a;a7#dg77;,a77iii77 is amended--  7#a7 
by striking and at the end of subclause 
7,,xxi72  7#b7 by adding and at the end 
of subclause 7,,xxii72 and  7#c7 by     
adding at the end the following3        
7,,xxiii7 a utility operations-related  
swap2  4  7b7 ,utility                  
operations-,related swap defined        
,section #a;a of such ,act 7#g ,u4,s4,c4
 #a;a7 is amended by adding at the end  
the following3  7#eb7 ,utility          
operations-related swap ,the term       
utility operations-related swap means a 
swap that--  7,a7 is entered into to    
hedge or mitigate a commercial risk2    
7,b7 is not a contract1 agreement1 or   
transaction based on1 derived on1 or    
referencing--  7i7 an interest rate1    
credit1 equity1 or currency asset class2
 or  7ii7 a metal1 agricultural         
commodity1 or crude oil or gasoline     
commodity of any grade1 except as used  
as fuel for electric energy generation2 

and  7,c7 is associated with--  7i7 the 
generation1 production1 purchase1 or    
sale of natural gas or electric energy1 
the supply of natural gas or electric   
energy to a utility1 or the delivery of 
natural gas or electric energy service  
to utility customers2  7ii7 all fuel    
supply for the facilities or operations 
of a utility2  7iii7 compliance with an 
electric system reliability obligation2 
7iv7 compliance with an energy1 energy  
efficiency1 conservation1 or renewable  
energy or environmental statute1        
regulation1 or government order         
applicable to a utility2 or  7v7 any    
other electric energy or natural gas    
swap to which a utility is a party4  4  
#e4 ,effective date ,the amendments made
 by this ,act take effect as if enacted 
on ,july #ba1 #bjaj4  ,passed the ,house
 of ,representatives ,june #ab1         
#bjac4;,clerk4